In its letter of 29 November 2011, the Ministry asks Norges Bank to advise on whether the strategic benchmark index for the Government Pension Fund Global’s bond investments should be expanded to include emerging market currencies and, if so, which. Our advice builds on the assessments presented in our letter of 3 November 2008 on emerging bond markets and high-yield corporate bonds in the benchmark index for the Fund, our letter of 18 March 2011 on the investment strategy for nominal bonds, and our letter of 25 January 2012 on a new benchmark index for bond investments.